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Finally, Finance Ministry Reveals IMF Is An Option To Salvage Our Struggling Economy

The Finance Ministry has finally revealed that going to the International Monetary Fund for a bailout of our struggling is now an option if all him grown measures and processes fail. The deputy minister of finance, John Kumah boldly revealed this. He added that going to IMF should not be treated as politics.

“ If it [bringing the economy back to life] becomes impossible, then it is the only alternative to salvage our economy. But where we are now, we think we are in the position to salvage the economy or to try the homegrown policy we are adopting. If our programmes fail us and we are not able to get the confidence and the results in the fiscal space discipline, which we have to impose on ourselves, then we don’t have a choice.”

“ It is not about politics when it comes to the economy. But for COVID-19, there is no way we should be discussing IMF by this time. When President Akufo Addo picked this economy and started growing it with an average of 7%, we saw how the economy was doing so well” John Kumah boldly revealed this.

Meanwhile, finance minister, Ken Ofori-Atta is on record to have said that going to IMF for a bailout is never an option for the Akufo-Addo government. He made these comments countless times during the E-Levy town hall meetings where they were convincing citizens to accept E-Levy because the government doesn't want to go to IMF.

A lot of economists and leading people in the country especially former President, John Mahama have advised the Akufo-Addo to visit the IMF for a bailout because it seems the homegrown solutions to rescue the country from the economic hardships are not working. At the time, the Akufo-Addo government stressed that going to IMF was never an option.

Ghana’s economy has been struggling under the Akufo-Addo government. The inflation rate in the country is now 27 percent, a record high in the country. The cedi to a dollar is now 8 cedis, among other factors.

Do you think that John Mahama has finally been vindicated and so it will be good for this government to go to IMF as soon as possible before things get out of hand??

Please leave all your comments and thoughts below.

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Finance Finance Ministry IMF International Monetary John Kumah


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